Dreams of conquering the world are not only born in the minds of artists. Every entrepreneur has a vision of their business, which thrives on many foreign markets and therefore brings sufficiently high revenues. They say dreams are there to make them come true. Why not start today?
Move your finger across the map
Enter foreign markets. Everything is clear, just one question: which ones? In the beginning, it is worth asking the question in which other countries your product or service has a chance to achieve great success. It depends on many factors: economic, geopolitical, legal, and financial. Good research will be the basis for narrowing down the list of potential countries in which you would like to start selling online. The Internet works to your advantage here. When running your online business, you do not have to worry about renting space abroad, hiring many new employees, and international travels can be saved for your holiday season only ????
ABC of foreign expansion
Let’s start with the basics. First of all, think about the name of your online store. Is it universal enough to be understood by customers in another language? Will they be able to define the profile of your business based on the name alone? If so, you are in a winning position. If not, you need to analyze how creating a sub-brand will affect building awareness of your brand internationally. Other important aspects are the website’s content translation and introduction of prices and payment options in foreign currency. Online consumers are used to buying on foreign websites and paying in different currencies, but if you are serious about building a strong position in a foreign country, you need to take care of it. Get a perfect translation of the website and product descriptions into English and the option to pay in pounds if you are thinking of selling in the UK or get translations into French and adjust your payment to euros if you want to enter the French e-commerce market.
We already have a shop, great translations, and the option to pay in the right currency. What’s next? Customer service should be your next point on the list. If customers from abroad ask about products, deliveries, or returns, you need to be professional and be able to dispel all their doubts in their native language. In terms of operational aspects, in addition to customer service, you also need to ensure fast deliveries to the country where you want to develop your online store. Only by following these steps will you be able to start selling.
Get to know the client anew
Your store may operate on a foreign market, but sales in the new country will not increase without appropriate marketing activities and advertising campaigns. Remember that in addition to finding your target audience or niche abroad, you will need to develop advertising texts and graphics that will reach new customers. Often, advertisements that bring income in Poland will not work at all, for example in Spain or Germany. The advertising rates, which are significantly different from those known on the domestic market, are also a surprise for online stores owners so be prepared for the fact that your budget will have to increase significantly.
The store is ready. Ads are ready. So how to deal with the last step, which is financing activities on a new market? It is with this expansion in mind that Revenue Based Financing (RBF) was created. A model of raising money for the development of online stores with a flexible repayment method (for example, 10% of the monthly income generated by the store) and low costs (one-time fee of 6% of the amount obtained). Thanks to this solution, you can implement your business plans without waiting. A quick analysis of the store is enough and the budget can be on your account within a few days.
In which country will your online store soon become a leader?
Are you planning a foreign expansion on the Internet and you want to obtain funds for it? Email us at [email protected]